Aksa Enerji Uretim A.s. · BIST:AKSEN

Aksa Enerji Uretim A.s — FY2016 Earnings Presentation

24 slides from Aksa Enerji Uretim A.s's earnings presentation, Mar 9, 2017

  1. Slide 1: FY2016 Earnings Presentation

    FY2016 Earnings Presentation 09 March 2017

  2. Slide 2: The Sector

    THE SECTOR

  3. Slide 3: Market Highlights - Generation & Consumption

    Market Highlights- Generation & Consumption  Electricity generation increased by %4.1 and consumption increased by 4.4% YoY in 2016. Generation (GWh) Consumption (GWh) 300.000 300.000 275.154 270.194 263.612 259.439 250.000 250.000 200.000 200.000 150.000 150.000 100.000 100.000 50.000 50.000 - 0 2

  4. Slide 4: Market Highlights - Installed Capacity Changes

    Market Highlights - Installed Capacity Changes When new and decommissioned capacities are netted Total installed capacity in Turkey has off, there is an increase of 2,306 MW in coal & lignite, reached 78.664 MW in 2016, an increase of 640 MW in hydro, 876 MW in wind, 327 MW in fuel-oil 5.517 MW, ind

  5. Slide 5: Market Highlights - Prices

    Market Highlights - Prices  Weighted average spot price was at 136 TL in 9M16, but ended the year at 146 TL vs 142 TL in 2015.  4Q16 weighted average price was 18% higher YoY due to:  The increase in prices in the last quarter because of natural gas consumption limitations brought upon generation

  6. Slide 6: Financial & Operational Highlights FY2016

    FINANCIAL & OPERATIONAL HIGHLIGHTS FY2016

  7. Slide 7: FY2016 Results - Snap Shot

    FY2016 Results - Snap Shot * Adjusted YoY QoQ 2013 2014 2015 2016 Change 1Q16 2Q16 3Q16 4Q16 Change Installed Capacity (MW)* 2.052 2.140 2.076 2.109 33 MW 2.211 2.198 2.279 2.109 -170 MW Sales Volume (GWh) 9.109 9.814 14.018 18.028 29% 4.178 3.886 5.127 4.836 -6% Net Sales (TL mn) 1.786 1.957 2.490

  8. Slide 8: FY2016 Results – Sales Breakdown

    FY2016 Results – Sales Breakdown * 1Q 2016 2Q 2016 3Q 2016 4Q 2016 FY 2016 MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh MWh TL/MWh Northern Cyprus 174.808 212,1 176.372 221,5 178.688 279,2 177.138 326,8 707.007 260,2 Renewable Market (YEKDEM) 231.572 214,8 142.760 223,4 227.180 232,1 188.858 274,6 79

  9. Slide 9: Company Highlights - Cost Structure (TL)

    Company Highlights - Cost Structure (TL) Cost Structure vs. Sales Price (FY2016) Improving Lower Cost Output % of Weighted Avg. Weighted Avg. Renewables Cost 151 Sales Price 175 Local 61% 72% Sourcing TL/MWh 200 18,028 GWh 181 179 176 22,8 160 32,7 127 12,258 GWh 126 10.608 59% 120 15,4 variable 72%

  10. Slide 10: Company Highlights - Sales mix and prices (TL)

    Company Highlights - Sales mix and prices (TL) Capacity 44% 43% Utilization TWh 20 18 TWh 19 18 Balancing Market Sales 17 to BSM 1,75 BSM 10% 16 Northern Cyprus 15 14 OTC & Bilateral 13 12 11 10 9 Total 90% Contracted 8 Contracted 16,28 7 4.23.6 TWh 6 Sales 3.6 5 4 86% BSM 3 2 Contracted 0.60.6 1 14

  11. Slide 11: Financial highlights FY2016 Consolidated income statement

    Financial highlights FY2016 Consolidated income statement Net sales & EBITDA (TL mn) 3.178 EBITDA Margin EBITDA Margin 966 2015: 17.8% (adj) 4Q15: 8.6% 4Q16: 9.4% 2.307 2016: 13.7% 699 443 435 60 91 Net Sales EBITDA Net Sales EBITDA 4Q 15 4Q16 2015 2016 Operating income & Net income (TL mn) 296 244

  12. Slide 12: Net financial debt and repayment schedule

    Financial highlights FY2016 Net financial debt and repayment schedule Net financial debt (TL mn) 85% 3.000 90% 76% 80% 2.500 2.744 61% 62% 2.501 70% 55% 55% 2.000 52% 60% 50% 1.500 1.781 40% 1.000 1.270 1.280 1.306 30% 1.138 20% 500 10% - 0% 2010 2011 2012 2013 2014 2015 2016 6.0 4.2 4.0 4.2 5.2 5.8

  13. Slide 13: Developments, Strategy, International Projects, Asset Sale, Guidance

    DEVELOPMENTS STRATEGY INTERNATIONAL PROJECTS ASSET SALE GUIDANCE

  14. Slide 14: Ghana – Key Points

    Ghana – Key Points  Full comissioning by May  CUR: 97%  2017E production: 1.61 TWh  2017E EBITDA: USD 115 mn  Total CAPEX: USD 110mn (cash)  2017E CAPEX: USD 12.5 mn 13

  15. Slide 15: Madagascar PPA – 20 year contract with generation in 2017

    Madagascar PPA – 20 year contract with generation in 2017  Equipment from the existing HFO plants will be used - minimal CAPEX.  60MW in 2017  60 MW (phase 2) to be aligned with construction of transmission lines  60 MW to be commissioned by the end of July 2017  2017E production: 0.2 TWh  201

  16. Slide 16: Mali – Key Points

    Mali – Key Points  Projected generation: up to 250 million KWh per year  Existing equipment will be used  No external financing  Full comissioning by the end of June  2017E production: 0,21 TWh  2017E EBITDA: EUR 13.6 mn  Total CAPEX: USD 15.8 mn (USD 2mn spent in 2016) 15

  17. Slide 17: Appendix

    APPENDIX

  18. Slide 18: Consolidated income statement

    Consolidated income statement (TL mn) 2010 2011 2012 2013 2014 2015 2016 Net sales 911,9 1315,4 1840,6 1786,0 1957,4 2306,7 3178,2 Cost of sales -775,5 -1088,0 -1604,0 -1565,9 -1710,8 -1979,5 -2907,2 Gross profit 136,4 227,4 236,6 220,1 246,6 327,2 271,0 Gross profit margin 15% 17% 13% 12% 13% 14% 9

  19. Slide 19: Consolidated balance sheet

    Consolidated balance sheet Assets (TL mn) 2012 2013 2014 2015* 2016 Cash and cash equivalents 40,6 22,3 34,2 48,5 219,4 Trade receivables net 245,9 142,3 88,7 119,8 219,7 Due from related parties and shareholders 593,9 0,0 4,4 67,3 59,9 Inventory 135,5 250,0 269,2 339,8 416,4 Derivative Financial In

  20. Slide 20: Consolidated statement of cash flows

    Consolidated statement of cash flows CASH FLOWS FROM OPERATING ACTIVITIES 2016 2015 Net loss for the period (367,623,980) (221,078,812) Depreciation and amortization 191,172,113 146,593,311 Provision for employee severance indemnity 1,712,859 1,886,733 Interest expense and gains 291,174,762 148,559,

  21. Slide 21: Licence Portfolio (Operational)

    Licence Portfolio (Operational) Power Plant License Owner Fuel Type Installed Capacity (MW) % Northern Cyprus Aksa Cyprus Fuel-oil 153 Total Fuel-Oil fired power plants 153 7% Antalya NGCC Aksa Energy Natural Gas 1.150 Manisa NGCC Aksa Energy Natural Gas 115 Şanlı Urfa Rasa Energy Natural Gas 147 To

  22. Slide 22: Ongoing Investments

    Ongoing Investments Under Construction Power Plant Investment License Owner Fuel Type Additional Capacity (MW) Completion Year Ghana Greenfield Aksa-Ghana HFO 370 2017 Madagascar Greenfield Aksaf Power HFO 120* 2017-2019 Mali Greenfield Aksa HFO 40 2017 530 Total 530 • The above projects will be uti

  23. Slide 23: Contact- Investor Relations

    Contact- Investor Relations Özlem McCann Director Investor Relations and Corporate Communications Ozlem.McCann@aksa.com.tr +90 216 681 1053 Rüzgarlıbahçe Mah. Özalp Çıkmazı No:10 Kavacık Beykoz, Istanbul 22

  24. Slide 24: Disclaimer

    Disclaimer Aksa Enerji has prepared this presentation for the sole purpose of providing information, which contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these s

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